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Reserve Bank of India granted ‘in-principle’ approval to 11 applicants to start payments banks. The Committee of the Central Board (CCB) of RBI has selected 11 entities among the 41 applicant who has the reach and the technological and financial strength to provide service to the customers and promote government’s initiative of financial inclusion across the country. The selected applicants are: ·          Reliance Industries ·          Airtel M Commerce Services ·          Tech Mahindra ·          Vodafone m-pesa ·          Aditya Birla Nuvo ·          Department of Posts ·          Cholamandalam Distribution Services ·          ...

A Reserve Bank of India (RBI) committee has recommended conversion of Urban Cooperative Banks (UCBs) with business size of 20,000 crore rupees or more into regular banks. This recommendation was given by the High Powered Committee on UCBs headed by RBI Deputy Governor R Gandhi in its report. Recommendations Conversion of UCBs will not be compulsory for large UCBs and they can continue the way they operate currently in terms of asset size and balance sheet. Large UCBs can convert themselves into commercial banks in order to minimise the systemic risk. For conversion, smaller UCBs with business size of less than 20,000 crore rupees who are willing to convert to Small Finance Banks can apply to the RBI. Licenses for conversion to operate as UCBs will be issued to well-managed and financially sound cooperative credit societies having a minimum track record of 5-years. With the conversion, UCBs will be allowed to grow and proliferate further to meet the objective of financial incl...

Bandhan Bank has become the first micro-finance company in India to start operation as full-fledged scheduled commercial bank. The bank was inaugurated by Union Finance Minister Arun Jaitley in Kolkata, ushering in a new era in country’s banking sector to reach out to the unbanked population.               Bandhan Bank has begun its operations after it had received an in-principle approval from the Reserve Bank of India in April 2014 and final nod on June, 2015. It was established in 2001 as a not-for-profit micro-finance enterprise by Chandra Shekhar Ghosh with an aim to alleviate poverty by empowering women. Later in 2006, it had transformed itself into a non-banking finance company (NBFC). Bandhan Bank will now primarily cater to the unorganized sector in India like daily wage earners and women running small businesses. Headquarters: It has two divisions viz. micro banking and general banking. As a bank, it will ...

State-owned financial services lender Indian Bank has launched IndPay mobile app service to enables its customers to operate bank accounts anytime from anywhere. It was formally unveiled by the Indian Bank MD and CEO M K Jain Key features of IndPay app Aims at helping bank’s customers to access their bank accounts from any corner of the country. It can be operated through smartphones compatible with Android, iOS and Windows mobile operating systems. It will help customers to do transactions like enquiries, transferring funds to any account and getting mini statements. About Indian Bank Indian Bank is one of the oldest bank in India. It was established in 1907 as a private bank. It is headquartered in Chennai, Tamil Nadu It was nationalised in 1969 by the Government of India along with other 13 private banks under Banking Companies (Acquisition and Transfer of Undertakings) Ordinance, 1969.

Union Government has launched SAHAJ scheme for online release of new LPG connections for the consumers as parts of its consumer friendly initiative. It was launched by Union Petroleum and Natural Gas Minister Dharmendra Pradhan at a function held in New Delhi. Key facts Under the scheme, people can apply online for new LPG connection and they need not visit to the LPG distributors for it. SAHAJ facility will enable the customers to post online request for a new connection by filing Know Your Customer (KYC) form by uploading bank account details and photographs. After submitting the details, customer will receive the registration number to know the new connection status. Later, customer can opt for offline or online mode of payment for the new connection. Once payment is done, electronic subscription voucher will be mailed to the new customer. Later distributor will do physical delivery of the Gas cylinder, regulator with hose pipe. Initi...